Anonymous wrote:Just be careful you haven’t bought because you’re spending most of your money on entertainment, travel etc and can’t make any sacrifices. The few friends I know still renting all can’t accept that they need to start off in a starter home. They live lavish lifestyles and are too good for a starter home type of place. They continue renting nicer places than they could afford to buy. They never build any equity. Now we are no longer in our starter home and they don’t seem to understand we had to sacrifice to get to where we are now.

Spending money on travel and entertainment is way more satisfying for many people than dumping it all into the money pit that home ownership inevitably is. And yes I own a home. It's fine if that's what you like, but not for everyone.

experiences vary

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Elon Musk rents... we rent for a couple k a month and bring in 7 figures... who gives a sht.. everyone acting like they are a real estate investor here.. fundamentals have supported buying in the near-term but who knows what will happen.. flexibility for income/job growth has strong intangible value as well.

Who the heck wants to be beholden to a landlord.

Me. I would rather text my landlord when something needs fixing than shell out thousands to do it myself. I also like knowing when it's time to move, I just send an email, pack up and it's done. Renting can be great. I rent a house I could never afford to buy, but my rent is low enough I'm still saving pretty aggressively.

This sounds like someone who's never owned their home. I feel so much more peace knowing that this is our place, and that we take care of it. The house next door is a rental, and the landlord is so stingy and difficult to the tenants, who are lovely people. I used to feel like renting was fine, but then we bought a place and it was so much better than renting. We weren't at the whim of some landlord.

Anybody that tells you that buying is ALWAYS financially better than renting doesn't know anything about economics or math, really. Its dependent on several factors, including your purchase price, interest rate, current rent, and how long you intend to stay in a purchased home, among other things. Some that purchased have made poor financial decisions under the antiquated notion that we all have to buy to be adults and that it is always a good investment. Do some study and you'll find these things are not always true, which should help with your self-doubt.

Plus, renting allows a significant amount of freedom and flexibility that many find important. Home maintenance costs should also not be underestimated.

It is not a cut and dried answer and its nothing you should feel bad about. I'm 40, still renting, as are almost all of my friends (all professionals, all six figure salaries). My rent is SIGNIFICANTLY lower than a mortgage on a comparable home/condo would be...I'm more than content to keep banking this cash and investing it for the time being. If my rent creeps up enough I'll reconsider, and will be in a much better position to buy more if/when that happens.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Elon Musk rents... we rent for a couple k a month and bring in 7 figures... who gives a sht.. everyone acting like they are a real estate investor here.. fundamentals have supported buying in the near-term but who knows what will happen.. flexibility for income/job growth has strong intangible value as well.

was
Who the heck wants to be beholden to a landlord.

Me. I would rather text my landlord when something needs fixing than shell out thousands to do it myself. I also like knowing when it's time to move, I just send an email, pack up and it's done. Renting can be great. I rent a house I could never afford to buy, but my rent is low enough I'm still saving pretty aggressively.

PP. Yep! Our water heater went out in my last apartment. Texted landlord, someone came by the next morning, brand new one was installed and running by that afternoon. Even finding the overpriced item in stock right now, along with calling around and finally getting someone that will even show up to charge you a bundle for labor, is a whole different ballgame. Sometimes I feel like renters are the real smart ones here lol.

Try not to be, OP! There's no shame. And home ownership is not always what it's cracked up to be. I bought my first home in early 30s, (with a 7% interest rate), and it was a terrible experience. I didn't do my due diligence and ended up in a crappy, poorly maintained house that wasn't right for us with awful neighbors that were really loud, constantly trespassed our property, and even expected us to pay for a kid's injury when their unsupervised trespassing child entered our fenced/gated backyard while attempting to vandalize our property. I dreamed of leaving that place for so long but it's not nearly as easy as just finding another apartment. No one was buying back then and no one wanted this awful house. I rented for years after that, I had a lovely cheap little place and if anything broke / needed attention, it was as simple (and cheap!) as a call to the landlord. I was recently able to buy again and although I love my home, I do miss the free repairs and appliance replacements.

Anonymous wrote:

Anonymous wrote:Elon Musk rents... we rent for a couple k a month and bring in 7 figures... who gives a sht.. everyone acting like they are a real estate investor here.. fundamentals have supported buying in the near-term but who knows what will happen.. flexibility for income/job growth has strong intangible value as well.

Who the heck wants to be beholden to a landlord.

Me. I would rather text my landlord when something needs fixing than shell out thousands to do it myself. I also like knowing when it's time to move, I just send an email, pack up and it's done. Renting can be great. I rent a house I could never afford to buy, but my rent is low enough I'm still saving pretty aggressively.

3 bedroom semi detached homes go for $1.6M in my neighborhood. I'm not embarrassed to rent. It's ridiculous to have standards that high.

That's stupid. My grandparents rented their Queens apartment for DECADES. They had to be talked into buying their condo in Florida in their 70's. They still died millionaires. I have rented my entire adult life, and I'm 45. I will never own a home. I am single and although I have a career and do the best I can, will simply never earn enough to own. There's no shame in that.

Anonymous wrote:Elon Musk rents... we rent for a couple k a month and bring in 7 figures... who gives a sht.. everyone acting like they are a real estate investor here.. fundamentals have supported buying in the near-term but who knows what will happen.. flexibility for income/job growth has strong intangible value as well.

Who the heck wants to be beholden to a landlord.

Elon Musk rents... we rent for a couple k a month and bring in 7 figures... who gives a sht.. everyone acting like they are a real estate investor here.. fundamentals have supported buying in the near-term but who knows what will happen.. flexibility for income/job growth has strong intangible value as well.

Anonymous wrote:Our younger siblings in finance and tech have already bought million dollar homes while DH and I are still renting an apartment. We are saving for a downpayment. Sometimes I feel embarrassed.

What car(s) do you drive, OP?

Anonymous wrote:Our younger siblings in finance and tech have already bought million dollar homes while DH and I are still renting an apartment. We are saving for a downpayment. Sometimes I feel embarrassed.

You can’t afford to live here. That’s okay. You can afford to live elsewhere. Go seek prosperity.

I’m 51 and haven’t been able to move out of my “starter” home. Now considering moving into what will be another “starter” home by other people’s budgetary standards. There is always something to feel inferior about…

Renting can be fine if it is helping you and your DH save a lot more money. Just make sure you're using those savings to build wealth by investing it!